Hercules Site Services, a leading labor supplier in the U.K. infrastructure sector, announced on Monday that they have entered into a five-year agreement with Balfour Beatty Rail. This partnership will provide Balfour Beatty Rail with a contingent labor resource, supporting their commitments over the next five years starting in April.
As part of their Labour Supply business, Hercules has launched a new division specifically focused on delivering specialist rail labor on live tracks to clients. Although the exact value of the contract was not disclosed, this collaboration comes at a crucial time as Balfour Beatty has secured multiple contracts for the upcoming Control Period 7.
Control Period 7 is a significant five-year plan for rail networks in England and Wales, with a budget of £44 billion ($53.85 billion). The main objectives during this period include addressing climate change and enhancing train performance. Hercules Site emphasized the importance of these upgrades.
CEO Brusk Korkmaz expressed optimism about this new contract. He sees it as an opportunity for Hercules to diversify their revenue streams and achieve further growth. The recruitment of specialist rail labor on live tracks marks a significant milestone for the company, expanding their presence within the rail industry.
At 0706 GMT, Hercules Site Services' shares showed promising growth. They increased by 3.9% or 1.0 pence and reached 26.5 pence.